Condominium Resale Certificate - Williams & Williams
Condominium Resale Certificate - Williams & Williams
Condominium Resale Certificate - Williams & Williams
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07:A20 MIG/jlf 2/4/84<br />
7.5 Fiscal Year: The fiscal year of the Association<br />
shall be the calendar year: provided that the Directors, from<br />
time to time, by resolution, may change the fiscal year to<br />
some other designated period.<br />
ARTICLE VIII. ASSESSMENTS<br />
B.). Obliqation f Member3 to Pay Ase ssments Amount of<br />
Levy: Until the Association levies a Common Expense assessment,<br />
Declarant shall pay all accrued expenses of the <strong>Condominium</strong>.<br />
Thereafter, each Unit Owner shall be severally liable for the<br />
Common Expense that are levied against his Unit while a Unit<br />
Owner.<br />
Each Unit shall be assessed in accordance with that<br />
Unit's Allocated Interest.<br />
8.2 Allocation o Common Surplus: Any common surplus<br />
shall be allocated to each Unit in accordance with its Allocated<br />
Interest, and shall be owned by the Unit Owner of that Unit<br />
and credited against that Unit's proportionate share of Common<br />
Expenses subsequently assessed.<br />
8.3 PreDaratiori Sudcet arid Lvyinc of Aase5Tent:<br />
least once each fiscal year, beginning with the fiscal year<br />
beginning January 1, 1985, the Executive Board shall prepare<br />
and adopt a budget for that fiscal year, including therein<br />
estimates of the amount necessary to pay the Common Expenses<br />
together with amounts considered necessary by the Executive<br />
Board for reserves. After preparation and adoption of each<br />
such budget, the Executive Board shall provide each member<br />
with a copy and shall give each member notice of the assessment<br />
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